On November 3, 2020, voters in California passed Proposition 19, which contained two (2) extremely important changes to California’s property tax reassessment rules that will impact and have profound consequences on the transfer of real property between parents and. Parents who transfer their real property to their children after the effective date of Proposition 19 will cause a property tax reassessment. Proposition 19 limits the availability of the parent-child exclusion for real property tax reassessments. The alarming aspect of this change in the law is that it takes effect on or after February 16, 2021. California real property owners who want to transfer real property to their children without property tax reassessment have approximately two (2) months to plan for those real property transfers before Proposition 19 takes effect.
Proposition 19 eliminates: (i) the parent-child/grandparent/grandchild exclusion from property tax reassessment for transfers of a residence between parents and; and (ii) the transfer of $1 million of assessed value of additional real property.
The other significant change in Prop 19 is generally beneficial to homeowners and takes effect on April 1, 2021. Prop 19 expands the class of people who qualify for a transfer of their taxable value from their current home to a new property.
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